That’s near term, but right now, we’ve got to focus on our intraday operations. So, let’s get some levels in place that we can use to try and draw a profit from the market as and when things move today. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets according to the rules of our intraday strategy. It is a one-minute chart and it has our range overlaid in red.
As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 9375 and resistance to the upside at 9594.
We will look to jump into a long trade if we get a close above resistance, with a target of 9640 on the position. A stop loss in and around 9570 should define risk nicely. Looking the other way, if we see price close below support, we will get into a short trade towards a downside target of 9300. A stop loss on this one at 9400 works well from a risk management perspective.
Let’s see how things play out.